Dave, today's PR doesn't jibe with what the company has maintained in several recent PRs......
Jan 9:
"With the latest orders, New Century said it is on track toward reaching several previously announced goals -- to generate all its needed capital entirely through internal cash flow, to pay off existing notes payable in 2006, and to apply for exchange listing, on either the Amex or NASDAQ exchanges, during 2006. It also reiterated its expectation that it will report a profit in the quarter ending December 31, 2005, and that it will continue to experience strong demand for its products, particularly remanufactured VTCs."
That statement reiterated this headline back in October:
"New Century Cos. Passes Capital Milestone, Sees No Further Need for Outside Financing Required
FRIDAY, OCTOBER 21, 2005 8:57 AM
- Market Wire
LOS ANGELES, CA, Oct 21, 2005 (MARKET WIRE via COMTEX) -- New Century Companies, Inc. (NCNC) , a leading manufacturer and re-manufacturer of machine tools, today announced substantial improvement in its capital situation and outlook. Specifically, it reported the following:
-- Capital needs are now being met internally. Because of sharply rising
cash flow from previously announced and pending orders, the Company needs
no further outside financing and will fund its growth internally for the
foreseeable future."
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I know that PPs are always a possibility with companies that are on shaky ground financially, but DD made a big deal about not needing to issue stock for cash to grow the business. Shame on him if he's going back on that promise not one month removed from the last PR regarding this issue!
